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Energen Beat 2Q16 Expectations: What's Its Secret?

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Part 6
Energen Beat 2Q16 Expectations: What's Its Secret? PART 6 OF 6

How Energen’s Stock Price Reacted after Past Earnings Beats

Energen’s stock price action following 2Q16 earnings

Energen (EGN) announced its 2Q16 earnings on August 8, 2016, after the markets closed. After its 2Q16 earnings were announced, Energen’s stock price increased by 0.44% in one trading session.

It must be noted that in the last three months leading into the earnings, Energen’s stock price has increased by ~31% despite a ~3% decrease in crude oil (USO) (UWTI) (DWTI) prices during the same period.

How Energen’s Stock Price Reacted after Past Earnings Beats

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Energen’s stock price trend change

After losing ~77% of its market capitalization between June 2014 and February 2016, Energen’s stock price is finally showing signs of a new uptrend. In May 2016, Energen’s stock crossed the 200-day moving average for the first time in the last ten months, and it’s currently trading ~23% above it. Since February 2016 Energen’s stock price is up by whopping ~154%.

EGN’s 2016 relative performance

For 2016, EGN is outperforming bigger upstream companies from the S&P 500 (SPY). For 2016, EGN is up by ~28%, whereas bigger oil and gas producers like Devon Energy (DVN), Occidental Petroleum (OXY), and Marathon Oil (MRO) are up by ~27%, ~12%, and ~14%, respectively.

EGN’s stock price behavior after past earnings beats

In the last six quarters, there were two occasions when Energen beat the earnings expectations. Energen reported its 1Q16 earnings after the markets closed on May 5, 2016. In 1Q16, excluding the one-time items, Energen reported a loss of $0.64 per share, $0.03 better than consensus for a loss of $0.67 per share. Following the earnings release, in a contrarian reaction, Energen’s stock price fell by ~5% in the two sessions despite better-than-expected earnings.

EGN reported its 3Q15 earnings after the markets closed on November 5, 2015. In 3Q15, excluding the one-time items, EGN reported a profit of $0.36 per share, $0.09 better than the consensus for a profit of $0.27 per share. Following the earnings release, better-than-expected earnings saw Energen’s stock price fall by ~5% in the five sessions.

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